Doctor's Loans

Every year, 30,000 new doctors graduate from medical school or graduate from residency. They will have little money, are financially naive, have vast sums of future earnings potential, and, almost all of them will purchase a mortgage. By standard criteria, they will have a hard time securing a mortgage. Until they have gotten started with their careers, they won’t have any money to put down, they have a ton of debt from medical school, and they have no proven earnings. They usually haven’t even started their job yet when they buy a home. Doctor's loans are designed to help offset personal expenses while you are beginning your medical or dental career.

Advantages of Doctor Loans:

Fixed and adjustable-rate options

Maximum: $850,000 | Minimum: $20,000

Favorable repayment terms provide flexibility

Eligible Borrowers

At least one borrower must hold one of the following valid license types:

• Medical Resident (Educational License)

• Medical Doctor (MD)

• Doctor of Dental Surgery (DDS)

• Doctor of Dental Medicine (DMD)

• Doctor of Optometry (OD)

• Doctor of Ophthalmology (MD)

• Doctor of Podiatric Medicine (DPM)

• Doctor of Osteopathy (DO)

• At least one occupying borrower must hold a valid license and be employed in one of the previous professions

"CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A COMPANY OR A RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV. A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550.
THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV."